#1Lumen Asset Transactions Overview Aug. 3, 2021 LUMENⓇ#22 Forward-Looking Statements Except for the historical and factual information contained herein, the matters set forth in this presentation, including statements regarding the expected transaction proceeds, timing and benefits of the proposed transactions, and other statements identified by words such as "estimates," "expects," "projects," "plans,” “intends," "will" and similar expressions, are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, many of which are beyond our control. Actual events and results may differ materially from those anticipated, estimated or projected if one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect. Factors that could affect actual results include but are not limited to: the ability of the parties to timely and successfully receive the required approvals of regulatory agencies; the possibility that the purchaser will not be able to finance the divestitures on the terms contemplated or at all; the possibility that the anticipated benefits from the proposed transactions cannot be fully realized in the manner contemplated; the possibility that it may be more difficult than anticipated to segregate the Company's divested businesses from its other businesses in connection with the divestitures; the possibility that it may be more difficult than anticipated to segregate the facilities-based business of Sellers and their subsidiaries from the Company's other businesses in connection with the ILEC Divestiture; the possibility that the post-closing commercial relationships between the parties will not operate in the manner currently contemplated; the possibility that the Company might be required to pay higher than anticipated tax payments, to make unanticipated payments under the transaction agreements or to otherwise receive less net cash proceeds than anticipated; the possibility that the Company's customers, vendors or employees could react unfavorably to the transactions; changes in the Company's cash requirements, financial position or business, operational or financial plans; the effects of competition from a wide variety of competitive providers; and other risk factors and cautionary statements as detailed from time to time in the Company's reports filed with the U.S. Securities and Exchange Commission. There can be no assurance that the Company's proposed divestitures will in fact be consummated in the manner described or at all. You should be aware that new factors may emerge from time-to-time and it is not possible for us to identify all such factors nor can we predict the impact of each such factor on the proposed transactions. You should not place undue reliance on these forward- looking statements, which speak only as of the date of this presentation. Unless legally required, the Company undertakes no obligation and expressly disclaims any such obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. LUMENⓇ Issued: August 3, 2021#33 Non-GAAP Measures This presentation includes certain non-GAAP historical and forward-looking financial measures, including but not limited to estimated adjusted EBITDA, and adjustments to GAAP and non-GAAP measures to exclude the effect of other standalone costs and special items. In addition to providing key metrics for management to evaluate the company's performance, we believe these measurements assist investors in their understanding of operating performance and in identifying historical and prospective trends. Non-GAAP measures are not presented to be replacements or alternatives to the GAAP measures, and investors are urged to consider these non-GAAP measures in addition to, and not in substitution for, measures prepared in accordance with GAAP. Lumen may present or calculate its non-GAAP measures differently from other companies. LUMENⓇ Issued: August 3, 2021#4Sale of ILEC Assets to Apollo LUMENⓇ#5Transaction Overview LO 5 (1) (2) Transaction Valuation Scope Timing/Closing Apollo to acquire Lumen's ILEC assets(¹) in 20 states for $7.5 billion Implies ~5.5x 2020 Estimated Adjusted EBITDA (²) Lumen to retain all non-ILEC (i.e. CLEC / IXC) assets in the 20 states and ramp its Quantum Fiber investment on the remaining 16 state footprint (³) Anticipate closing during 2H22 Sold operations also include portion of Enterprise and Wholesale served by ILEC assets in the 20 states Estimated Adjusted EBITDA is defined as net income before income tax (expense) benefit, total other income (expense), depreciation and amortization, share-based compensation expense, CAF and the estimated financial impact of third-party network service agreement that will be signed between Lumen and Apollo, and other standalone costs intended to represent the ILEC Assets consistent with the proposed sale. The Estimated Adjusted EBITDA is, therefore, not intended to represent the financial results consistent with GAAP on a standalone basis. (3) Apollo to provide voice and broadband services over the acquired ILEC assets. LUMENⓇ Issued: August 3, 2021#66 ( ● ILEC Operations Retained and Divested by Lumen ILEC Operations Retained in 16 States ~2.4mm Fiber Enabled Units ~21mm Addressable Locations -~70% in urban or suburban areas Significant Overlap of Enterprise and FTTH Build Opportunities Note: Enabled units as of quarter end Q2 2021. OR CA WA NV ID UT AZ MT WY CO NM ND SD NE KS TX OK MN IA MO AR LA WI MI IL IN MS TN AL OH KY WV GA PA VT VA NC SC FL NY ME NJ DE MD DC States With ILEC Operations Retained States With ILEC Operations Divested ΝΗ MA RI CT ● ILEC Operations Divested in 20 States ~0.2mm Fiber Enabled Units ~7mm Addressable Locations LUMENⓇ Issued: August 3, 2021#7Sale of LATAM Assets to StonePeak LUMENⓇ#8Transaction Overview 8 Transaction Valuation Management Team Timing/Closing Stonepeak to acquire Lumen's LATAM business for $2.7 billion Implies ~9x 2020 Estimated Adjusted EBITDA(1) which is a meaningful premium to Lumen's current trading multiple Long-term existing management team to guide future investment and growth of the business Anticipate closing in 1H22 (1) Estimated Adjusted EBITDA is defined as net income before income tax (expense) benefit, total other income (expense), depreciation and amortization, share-based compensation expense and other standalone costs intended to represent the LATAM business consistent with the proposed sale. The Estimated Adjusted EBITDA is therefore not intended to represent the financial results consistent with GAAP as a standalone business. LUMENⓇ Issued: July 26, 2021#9Latin American Asset Overview Grover Beach, CA 9 ● Tijuana Key Countries Argentina Brazil Chile ● Mazatlan Colombia Costa Rica Ecuador Panama Peru Mexico Venezuela Terrestrial Network Statistics Metro ~17,798 km Long Haul- ~31,729 km Hollywood, FL Unqui Colon Fort Amador Buenaventura Lurin Valparaiso Subsea Network ~36,900 km St Croix Puerto Viejo 4 systems providing route diversity across South and Central America Fortaleza Rio de Janeiro Las Toninas Santos Data Centers 18 Owned ~11,670 sq. meters Premier Enterprise Network Connecting LATAM's Largest Economies to Global IP Networks Predominately LATAM-Based Business Serving LATAM-Based Customers Through Strategic Relationship With Lumen Pro Forma Business to Continue to be Led by Hector Alonso and Longstanding Management Team Opportunity for Long-Term Collaboration With Lumen Includes Sub-Sea Assets Providing Connectivity From NA to LATAM LUMENⓇ Issued: July 26, 2021